Treasurys end lower, following through on Friday's losses

LeslieWines

NEW YORK (MarketWatch) - Treasury prices closed lower Monday, sending yields a bit higher, after the Treasury Department announced a budget surplus for last month that did not meet the government's projections but represented a sharp increase over the year-earlier surplus. The Treasury Department said the U.S. in January had a budget surplus of $38.2 billion, a bit below the Congressional Budget Office's forecast of a $40 billion surplus. However, the surplus was up substantially from $21 billion in January, 2006. Monday's modest price losses extended declines seen on Friday sparked by remarks from several Federal Reserve officials that further interest-rate hikes may be needed to keep inflation in check. The 10-year benchmark Treaury note fell 5/32 to close at 98-19/32 with a yield
TNX, +3.23%
of 4.806%, up from 4.784% at Monday's close.

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